Download this Illinois Revocable Living Trust form in order to set aside assets and property for your loved ones with the flexibility of dictating the terms of how and when the proceeds will be paid out. You, as the grantor, can decide whether you will put any restrictions on when the assets will be distributed, such as when a beneficiary graduates, or restrictions on how the funds are used, such as for medical and education expenses. You choose a trusted person to administer the trust to make sure the provisions are followed and to work in the best interests of the beneficiaries.
A revocable trust can be changed or revoked during the lifetime of the grantor. Any assets or property in the revocable trust are considered part of the grantor’s taxable estate.